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Get Rich With Options: Four Winning Strategies Straight from the Exchange Floor Hardcover – January 2, 2007


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Product Details

  • Hardcover: 240 pages
  • Publisher: Wiley; 1 edition (January 2, 2007)
  • Language: English
  • ISBN-10: 0470046619
  • ISBN-13: 978-0470046616
  • Product Dimensions: 6.3 x 0.9 x 9.3 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (125 customer reviews)
  • Amazon Best Sellers Rank: #392,867 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

In order to survive and thrive in today's financial markets, you must seriously consider the use of options in your investment endeavors. Options allow you to reap the same benefits as an outright stock or commodity trade, but with less risk and less money on the line. The truth is, you can achieve everything with options that you would with stocks or commodities—at less cost—while gaining a much higher percentage return on your invested dollars.

After numerous years as a market maker in the trenches of the New York Mercantile Exchange, few analysts know how to make money trading options like author Lee Lowell. In this well-rounded resource, Lowell shows both stock and commodity option traders exactly what works and what doesn't.

Filled with in-depth insight and expert advice, Get Rich with Options provides you with the knowledge and strategies needed to achieve optimal results within the options market. It quickly covers the basics—how options are priced, strike price selection, the use of Delta, and using volatility to one's advantage—before moving on to the four options trading strategies that have helped Lowell profit in this arena time and again.

Forget straight puts and calls, the fact is that nearly 80 percent of those seemingly simple trades expire as worthless. Here, for the first time, Lowell explains the only four options trading strategies that actually work: buying deep-in-the-money call options, selling naked puts, selling option credit spreads, and selling covered calls. Using them decisively, he says, is the fastest route to riches in the options trading game.

In addition to outlining his winning options trading strategies, Lowell also shows you how to set up your own home business with the best options trading software, tools, and Web sites.

Get Rich with Options is packed with real-life examples of actual trades and detailed discussions of how options can be used as a hedging, speculating, or income-producing tool. With this book as your guide, you'll begin to see options in a whole new light and learn how to become part of a small group of investors who consistently win.

From the Back Cover

Praise for Get Rich with Options

"No more excuses! Get Rich with Options provides a clear, honest, and detailed picture of the potential to trade stock and commodity options successfully. Lee covers all the bases, starting with the basics then spending time on concepts such as ITM, OTM, ATM, volatility, spreads, and delta. He turns the mystery of options trading into something cohesive and does it in an entirely user-friendly way. Get Rich with Options is the perfect segue into the world of options trading for anyone who has been intrigued by this investment strategy but too intimidated to try it. For the more seasoned trader, Lee offers little-known tips and advice that have kept him ahead of the pack for years. This is a rare how-to guide that answers all the questions, gives step-by-step instructions, and should be on every options trader's bookshelf."
—Margaret Beeler, Managing Director, International Strategy & Investment, Inc.

"There are many options books in the market today. For the most part, they impart sterile options strategies that will 'theoretically' work for you. But, they are written from the perspective of an academic. In Lee Lowell's Get Rich with Options, you will learn options and commodities basics. That's not where the value is. The value of this outstanding, understandable book comes from the author's perspective of how to trade options and commodities. Lee Lowell brings you the secrets from the trading pits in New York, the secrets of a market-maker, a trader who MUST make money to survive, a trader who has made thousands of successful trades. After reading the book, you will come away with a professional education, and the stark realization that trading options is easier than you think, more profitable than you could imagine, and that there are only three or four surefire strategies that will make you a lot of money consistently. Clear your shelf for this one, it is an invaluable guide for the fastest growing segment of the investment arena today."
—Karim Rahemtulla, Chairman, Mt. Vernon Research

"Option strategies are often delivered in a sea of hype. It's refreshing to learn from someone like Lee who takes a conservative, no-BS approach to options and still makes investors money. I'm impressed by his frankness, his sincerity, and the way he manages risk."
—Julia Guth, Publisher, The Oxford Club/Investment U

"Lee Lowell leads us down the road of complex derivative products and takes us out the other side much more profitably. This book will show you that trading on options is not out of reach. Lee takes complex ideas and breaks them down step by step to help every trader from novice to expert master the art of options trading. I found new ideas and skills at every turn in this book and think it's a must-read for the serious commodity options trader."
—Kevin Kerr, Editor, Resource Trader Alert, columnist, Dow Jones MarketWatch


More About the Author

Lee Lowell is one of America's leading options professionals. He spent six years in the options "trenches" as a market maker on the floor of the New York Mercantile Exchange (NYMEX) in New York City.

Lee is also the author of the bestselling book, Get Rich with Options: Four Winning Strategies Straight From The Exchange Floor. He has written numerous articles for several financial publications, such as Futures magazine and Technical Analysis of Stocks & Commodities.

Customer Reviews

Very easy to read and understand.
Larry P.
The "Get Rich" title should have warned me away, but the jacket was convincing.
Don
The book is a good read for the beginner or intermediate option trader.
Dennis Trisler

Most Helpful Customer Reviews

184 of 186 people found the following review helpful By William on February 3, 2007
Format: Hardcover Verified Purchase
I'd give this book 5 stars for its practicality, but there are a few flaws. Many options books present a Chinese menu of exotic strategies, confusing the reader and probably causing him to lose his money quickly. This book distills all of these strategies down to 4 of the ones that are the most practical for investors and traders, and that in my experience work well in real life. I was put off by the awful title, which is not the main point of the material in the book at all, but I guess the publisher wants to attract some of the get-rich-quick crowd. The clarity and emphasis are uneven. The fifth "bonus strategy" would've best been left out, because most traders would consider it extremely dangerous. On balance, the book's emphasis on profiting from option time decay by using stragegies that are safer than stock ownership greatly outweighs these flaws. You can waste thousands of dollars on options classes and end up with less useful material than is contained in this book.
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193 of 196 people found the following review helpful By K. Wu on April 21, 2007
Format: Hardcover
This book cuts to the chase in presenting four winning options strategies (see book description above for all 4, which you can lookup), which will make beginners happy as there's too much confusing options advice out there. But it falls badly short on two absolutely critical aspects of trading: exits, and position sizing (or money management).

For example, Lee presents option credit spreads as his favorite strategy, and it's certainly a powerful strategy, but of his 13 example spread trades, not one was a loser, or close to a loser! There's very little treatment of when and how to get out, nor how many spreads to put on given one's capital - areas where I really wanted to hear his analysis, because he has survived in the markets for a while. That's a huge deficit, because the potential risk:reward ratio of spreads is usually at least 4:1. So even though the odds of a winning trade can be greatly in your favor, the overall expectancy (read Van Tharp if you don't know what expectancy is) can kill you. You still need a plan to get out or at least hedge losses, and this book has little to say about that.

Also, implicit in his book is that you're already good at technical analysis and can make market calls with accuracy better than chance. So, you need an overall working strategy before you enlist the specialized options tactics he presents.

In the end, this book's value comes in telling you what really works for options, but not in sufficient detail that you can make a living at it. So start out small, and check out sites like elitetrader where people with experience can share things like exits and position sizing for spreads and other options positions in greater depth.
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49 of 50 people found the following review helpful By A. Narayan on April 14, 2007
Format: Hardcover Verified Purchase
I picked this book up a month back and tried to implement some of the strategies. The author is right in that Option Selling is the key as I have seen option buying just expire worthless (except Deep in the Money calls).

Pros of the book:-

1) Boils down the strategies to 4 key ones. It's simple and doesn't overwhelm the new option trader with the innards of the "greeks", how options are priced etc.

2) Another benefit is that it points to good tools to use while analyzing your positions. Dont ever trade without the "tools of the trade".

Cons:

1) No strategy on how to pick the trade - There are many examples that is right in hindsight but not enough explanation on why he chose that trade in the first place. No example on when things went wrong. I think that's key to really making money in options...how to pick the right trade to put in else you will just burn yourself.

2) No options repair strategies - Ties in with the 1st comment. If the trade you put in went against you, how to repair it. Author does mention rolling up but there is not enough explanation for someone new at options on how to do it.

So how to overcome the cons.... buy some more classic books to round out your knowledge.

For the intermediate options trader, "McMillan on Options" by Lawrence McMillan is a good buy. Goes deeper into why and how options work and covers all the strategies here.McMillan on Options, Second Edition (Wiley Trading)

For advanced option information, check out Option Volatility & Pricing: Advanced Trading Strategies and Techniques by Sheldon Natenberg.Option Volatility & Pricing: Advanced Trading Strategies and Techniques
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39 of 40 people found the following review helpful By Steve Burns TOP 1000 REVIEWERVINE VOICE on October 22, 2010
Format: Hardcover Verified Purchase
This book is not a good first book for people wanting to start trading options for the first time. However it is excellent for those that have already read a few books on options and understand the basic principles of how they work.
This book explains the importance of not thinking of only buying calls and puts, but also the danger of wasting your money on deep out of the money options that have no intrinsic value and do not even move in your favor even when you are right about the stock. He also explains briefly how delta works with option price movement as it correlates to the stock, a .50 delta means the stock moves half a much as the stock, a 1.00 delta means the options move completely with the underlying stock. The Theta is also covered which is a measurement of how fast the option value deteriorates in relation to time. I found two of the web sites the author suggested to be great for option information. One has an option calculator where you simply key in the option information and it gives you the options value along with the Greeks. Another shows you the probability of an option reaching your target price before it expires.
The book basically gives you four strategies that tilt the odds in your favor for winning with options while at the same time controlling risk.

#1 Deep-In-The-The-Money call strategy: If you want to use options to participate in the up trend of a stock then buy deep in the money calls that move equally with the underlying stock so you can profit along with the stock holders. You want a delta of at least .90. These options only cost about 50% of what the stock costs and you get 90% of the movement, that is a great deal! Stay away from deep out of the money calls they are like lottery tickets with little chance of being worth anything at expiration.
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